Original-Research: The Platform Group SE & Co. KGaA (von NuWays AG): BUY

^

Original-Research: The Platform Group SE & Co. KGaA - from NuWays AG

28.04.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to The Platform Group SE & Co. KGaA

Company Name: The Platform Group SE & Co. KGaA

ISIN: DE000A40ZW88

Reason for the research: Update

Recommendation: BUY

Target price: EUR 17

Target price on sight of: 12 months

Last rating change:

Analyst: Christian Sandherr

Final FY25 out, AEP acquisition to transform the group; chg.

TPG closed FY25 with a strong set of results, confirming the January prelims

and coming in above the mid-point of the guidance. To recap: Revenue grew

39% yoy to EUR 728m, supported by broad-based growth across all five segments

and eleven acquisitions completed during the year. GMV increased by ca. 44%

yoy to EUR 1.3bn. Adj. EBITDA rose 65% yoy to EUR 55m, translating into a margin

of 7.6% (+130bps yoy).

Consumer Goods remained the group's growth engine, with revenue up 55% yoy

to EUR 458m and adj. EBITDA up 65% to EUR 35.6m, accounting for 65% of group

earnings. The newly established Optics & Hearing segment, added mid-year,

made an immediately disproportionate earnings contribution, posting a ~25%

adj. EBITDA margin in its first half-year of consolidation. All remaining

segments grew both revenue and earnings yoy.

FY26 guidance confirmed. Management guides for EUR 1.7bn GMV (eNuW: EUR 1.71bn),

EUR 1.0bn revenue (eNuW: EUR 977m) and EUR 70-80m adj. EBITDA (eNuW: EUR 74m).

The more significant story for 2026 is the pending acquisition of AEP GmbH,

a B2B pharmaceutical wholesale platform generating over EUR 1bn in revenue.

Signed in January, the deal received German Federal Cartel Office clearance

at the end of March. Closing is expected by end of Q2 2026, subject to the

completion of outstanding contractual conditions. Financing, to be

structured as a combination of own funds and debt over a 3-5 year horizon,

remains the key outstanding item, with details expected by end of May.

The transformative nature of the deal is hard to overstate. Upon closing,

TPG intends to bundle AEP with its existing pharma assets (ApoNow,

apothekia, Doc.Green) into a standalone Pharma Group with dedicated

management. On a pro-forma basis, the acquisition would lift FY26e group

revenue to ~EUR 2bn, adj. EBITDA to EUR 90-100m, and GMV to ~EUR 3bn. The combined

pharma segment alone is expected to generate revenues in excess of EUR 1.1bn

and adj. EBITDA of >EUR 25m. Once closed, the acquisition would hence put the

company's 2030 targets of EUR 3bn sales well in reach, in our view.

The investment case remains fully intact, yet shares paint a different

picture with an implied valuation on only 2x EV/EBITDA. In our view, the

group is adequately financed and able to comfortably service its debt

obligations. ND/EBITDA remains within the targeted range, op. cash flow is

strong and interest obligation can comfortably be paid by operations.

We confirm our BUY rating with a new EUR 17 PT (old: EUR 21) based on DCF as we

trim estimates to account for the declining consumer sentiment in Germany,

adjust the tax rate and a higher risk free rate.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=1afb540c84664dc5518c230150a9de8a

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

++++++++++

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=490926fb-42ca-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2316212 28.04.2026 CET/CEST

°